MUST-READS

• Secretary Rubio’s Meeting with Saudi Minister of Defense Prince Khalid bin Salman Al Saud
  Secretary of State Marco Rubio met today with Saudi Minister of Defense Prince Khalid bin Salman Al Saud.  The Secretary and the Defense Minister underscored the importance of strengthening the U.S.-Saudi security partnership.  They also discussed ways to jointly promote peace and stability in Syria, Lebanon, Gaza, and across the region, to include Red Sea security and freedom of navigation.  The Secretary highlighted the need to stand together against Houthi threats to regional security.

• Saudi Arabia hosts 15 million expatriates with full rights protection: HRC chief

  Addressing a high-level segment of the 58^th session of the UN Human Rights Council in Geneva, Dr. Hala Al-Tuwaijri, president of the Human Rights Commission and head of the Saudi delegation, called for rejecting any attempts to undermine Item 7 of the Council's agenda items referring to "Human rights situation in Palestine and other Occupied Arab Territories", and activating it until an independent Palestinian state is established on the 1967 borders with East Jerusalem as its capital.

• Discovering New Gold: Culture and the Future of Saudi-U.S. Relations

  American culture has long found a welcoming audience in Saudi Arabia. Hollywood films, bestselling novels, and global music icons have shaped Saudi perspectives on the world. Yet, culture is not a one-way street. Over the past few years, Saudi Arabia has emerged not just as a consumer of culture but as a global cultural contributor. This shift is evident in the unprecedented international presence of Saudi creatives. Solo U.S. exhibitions, such as Ahmed Mater’s “Symbolic Cities” and Abdulnasser Gharem’s “Hospitable Thoughts,” have challenged outdated narratives and placed Saudi contemporary art at the heart of the global artistic conversation. Meanwhile, Saudi cinema is undergoing a renaissance, led by studios such as Telfaz11, whose productions capture authentic Saudi stories that have long been absent from the international screen. With Saudi Arabia now boasting the world’s fastest-growing box office, it is on a path to become a powerhouse in the global film industry. Saudi music, too, is making its mark. The Saudi National Orchestra and Choir’s historic performance at the Metropolitan Opera House in September 2023 introduced New York audiences to the kingdom’s rich and multifaceted musical traditions and showcased its deep connections with the global music scene.

• Saudi joins rarefied league of nations with a currency symbol

  Saudi Arabia has joined the short list of countries with a dedicated symbol for their currencies, and possibly the first that launched with a glitzy video. The new design, a stylised version of the Arabic letters in “riyal,” will take its place alongside the $ and £, and less well-known ones like ₺ (the Turkish lira symbol, introduced in 2012) and ₾ (the Georgian lari, since 2014). Officials say the symbol will reinforce Saudi financial and national identity. For most, it will only really have arrived when it starts to show up on price tags, banknotes, and keyboards. It remains to be seen if other countries using riyals try to adopt it too, just as the $ is used for non-US dollars.

• Saudi banks optimistic on loan growth; limited financial stress in 2025

  Most banks in Saudi Arabia expect low double-digit to mid-teens growth in 2025, driven by corporate and mortgage lending, according to Al Rajhi Capital. Banks believe that their net interest margin (NIM) sensitivity has now reduced and expect minimal impact from rate cuts.  At the same time, they remain optimistic on the quality of loans and forecast limited financial stress, as their cost-of-risk guidance stays broadly in line with 2024, the brokerage said. The Saudi banking sector’s net profits grew by 21% year-on-year (YoY) and were 4% above consensus in the fourth quarter of 2024. Retail banks such as Al Rajhi Bank, Saudi National Bank, Bank Albilad posted a beat of 8%, while corporate banks reported a miss of 2% on consensus.

• Saudi Arabia pledges $500 million to support global polio eradication efforts

  An agreement was signed to help the Global Polio Eradication Initiative, and its partners vaccinate 370 million children against polio each year and stop transmission of the virus for good. Funding was initially pledged in April 2024 at the first special meeting of the World Economic Forum (WEF), hosted in Riyadh. “The world is on track to eradicate polio once and for all, and Saudi Arabia is proud to be part of this global initiative,” said Dr. Al Rabeeah. “Saudi Arabia’s contribution will go toward the important work of protecting today’s most vulnerable children so that tomorrow’s generations can live free from this preventable disease.”

• Saudi’s DataVolt to develop data center in Riyadh

  Saudi-based data center developer DataVolt is to build a facility in Riyadh. The company and the Saudi Authority for Industrial Cities and Technology Zones (MODON) have agreed on land lease terms for the development of an AI-ready data center in Riyadh. The 55,000 square meter (592,015 sq ft) plot is located in east Riyadh’s First Technology Park. Further details were not shared. News of the DataVolt facility was first announced during the recent LEAP 2025 conference, when MODON announced data center contracts with DataVolt, GDH, and Ezditek. MODON said DataVolt’s deal would see a 2.5 billion riyals ($670m) investment. Riyadh-based DataVolt was founded in 2023 and is a wholly owned subsidiary of Vision Invest, a Saudi Arabian development and investment holding company focused on critical infrastructure.

• Saudi Arabia launches first aircraft industrial zone in Jeddah

  Saudi Arabia launched today, Feb. 24, the first industrial zone for aircraft manufacturing and maintenance in Jeddah during the Aerospace Connect Forum currently held in Jeddah. The first industrial licence for aircraft maintenance was awarded to Middle East Aircraft Engines Co., while the second licence was received by Saudia Aerospace Engineering Industries (SAEI). Several MoUs were also signed during the event, including one between the National Center for Industrial Development and Cluster 2 Co. to provide spaces within airports to establish specialized centers for aircraft maintenance, contributing to boosting national industrial capabilities and development.

• Saudi Arabia poised to lead in AI, aims for double returns: PIF Governor

  Al-Rumayyan said that the fund worked to develop the Saudi economy by establishing 103 diverse companies operating in 13 different sectors, both locally and internationally. Since its 2017 strategy launch, the fund has generated over 1.1 million direct and indirect jobs globally, prioritizing quality over quantity of jobs, to promote sustainable development.  He went on to say that the PIF invests heavily in new projects, injecting between $40 and $50 billion annually. This substantial investment demonstrates the fund's dedication to economic diversification.

• Saudi Arabia Fashion Market Report 2025: Cultural Shifts, Changing Attitudes, & Rise of Modest Fashion Influence on the $5.7 Billion Industry

  The Saudi Arabia Fashion Market was valued at USD 4.25 Billion in 2024, and is expected to reach USD 5.70 Billion by 2030, rising at a CAGR of 5.07%. The Saudi Arabian fashion market is witnessing significant growth, fueled by changing consumer preferences and a younger, fashion-conscious population. As the country diversifies its economy through Vision 2030, fashion and retail sectors have become pivotal to its development. International brands are increasingly entering the market, while local designers are gaining recognition. E-commerce is rapidly expanding, offering consumers more convenience and a broader range of choices.

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